Entrepreneurship Learning Unit 2 Flashcards

Vocabulary-style flashcards covering the role of small businesses, entrepreneurial skills, venture entry methods, feasibility studies, and the impact of the 4th Industrial Revolution based on Learning Unit 2.

Strategic role of small business

The production of products and services, innovation, the aiding of big business, and job creation in any economy.

Laduma Ngxokolo's MAXHOSA brand

An example of a South African brand that promotes African culture through fashion while boosting economic growth and providing solutions to local problems.

Achievement Motivation

An entrepreneurial trait defined as the drive to achieve goals and succeed despite challenges.

Internal Locus of Control

The belief that an individual's own actions influence their success rather than external factors.

Innovation and Creativity

The ability to generate new ideas and find unique solutions to business problems.

Risk-Taking

The willingness to take calculated risks to achieve specific business objectives.

Strategic Planning

One of the essential skills required for entrepreneurship, along with marketing, financial, project management, and human resources.

Industry Knowledge

Understanding of the specific industry in which a business operates.

Networking Skills

The ability to build relationships and partnerships to support an enterprise.

Problem-Solving Skills

The ability to address business challenges effectively.

Financial Resources

Resources needed to start a business including start-up capital, loans, and grants.

Human Resources

Employees who possess the necessary skills to contribute to a business.

Operating Resources

Tangible needs for a business such as equipment, technology, and premises.

Social Trends

A source for new venture ideas, including examples like eco-friendly products and online education.

Growing Industries

Sectors like education, healthcare, tourism, and the privatisation of government services that offer new venture ideas.

Franchise

A business model where the owner sells the rights to operate under a specific brand name.

Franchisor

The business owner who grants the rights to another party to operate under their brand.

Franchisee

The person who buys the rights to operate a business under an existing brand name.

Intrapreneurship (Corporate Entrepreneurship)

Developing new business ideas within an existing company by introducing new and diversified products or services, such as FNB launching e-Wallet services.

Feasibility Study

The collection of data that helps forecast whether an idea, opportunity, or venture will survive and determines whether to move forward or abandon it.

The Fourth Industrial Revolution (4IR)

A trend involving new technologies like Artificial Intelligence, machine learning, and automation that are reshaping businesses.

Artificial Intelligence (AI)

Machines performing tasks that typically require human intelligence.

Machine Learning

AI systems that learn from data to improve their performance over time.

Yoco and Mr. D Food

Examples of technology-driven business tools and services within the context of the Fourth Industrial Revolution in South Africa.

ZEIR's Hair Salon

A premium unisex salon located in a busy mall mentioned as a potential business purchase for $R180\,000.00$.